He tweeted: "Time Magazine called to say that I was PROBABLY going to be named 'Man (Person) of the Year,' like last year, but I would have to agree to an interview and a major photo shoot.
"I said probably is no good and took a pass. Thanks anyway!"
The magazine confers the distinction on the person who "for better or for worse... has done the most to influence the events of the year."
The title is not necessarily an honour - the magazine names people who have done most to influence the news in the previous 12 months.
Nazi leader Adolf Hitler was named Person of the Year in 1938 and Soviet dictator Joseph Stalin was named twice in subsequent years.
However, in the past Trump has openly coveted the title, claiming that he should have been picked in 2015, when German Chancellor Angela Merkel was named.
"I told you @TIME Magazine would never pick me as person of the year despite being the big favourite," Trump tweeted in December 2015. "They picked [the] person who is ruining Germany."
TIME has responded to President Trump's claims saying he is "incorrect".
"The President is incorrect about how we choose Person of the Year. TIME does not comment on our choice until publication, which is December 6," the publication tweeted.
Trump was named the magazine's 2016 "Person of the Year" following his election, in an edition which carried the title "President of the Divided States of America."
The former real estate tycoon keeps a close eye on the award, and complained on Twitter in 2012, 2014 and 2015 about not being picked.
In June, the Washington Post revealed several of his golf clubs prominently display a framed copy of a fake Time cover featuring several positive headlines and Trump as its cover.
Trump was named as the Time 2016 Person of the Year. Source: AAP
Since announcing his presidential run, Trump has had an antagonistic relationship with much of the US media, accusing critical outlets of peddling "Fake News."
